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How to Get an Apartment with no Credit History (9 Strategies)



How to Get an Apartment with no Credit History (9 Strategies)

When you are looking for an apartment, you want to have a good credit history. However, it is not uncommon to find people with no credit history looking for an apartment. If you are one of them, this article is for you.

Getting a new apartment is a big financial decision that requires a lot of research. It’s always a good idea to ask a real estate agent how much you can expect to pay for rent in your neighborhood, how much you can expect to owe on a credit card at the end of the month, and what types of moving cost might come up. There are also a lot of things to consider, including whether to rent a unit that comes with utilities included, or whether you are better off coming to an agreement with the landlord about those costs. And what about insurance?

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9 Strategies to get an apartment with no credit history

1. Provide a guarantor

This is the best strategy to get an apartment if you have no credit history. A co-borrower guarantees your rent. It’s powerful. If you can’t pay, there’s someone who will.

Generally, the co-borrower is a parent or sibling. Whoever you ask, the co-borrower must have a good credit history or their guarantee is not worth the paper it is written on.

If you are asking someone to be a co-borrower, you need to make sure they know their responsibilities. If you don’t pay your rent or your landlord wants to evict you, your co-borrower’s credit rating could suffer.

Don’t let your co-borrower go with you. Even if your lease is guaranteed, your friendship may not be.

If a friend or family member cannot vouch for you, there are companies that will do that for you. However, according to Naked Apartments, companies like Insurent Lease Guaranty and The Guarantors may require you to earn more than 27.5 times your monthly rent.

2. Obtaining a co-tenant

Two tenants can be better than one. The doubling of income should make the owner feel better. But you must follow the same rule as when you hire a co-borrower – your co-borrower must have a good credit history.

Again, you need to make sure your roommate is happy with this arrangement. If you cannot pay your half of the rent, the landlord can collect it from the co-tenant. If they can’t pay your share, their credit rating may go down.

3. Show money to owner – Step 1

Take our word for it, your word won’t be enough to get an apartment from a skeptical landlord. It doesn’t matter if you explained why you have no credit history. The owner wants to see proof that you are financially viable.

Is there a better way to prove your income? Collect your pay stubs from the last three to six months and show them to your landlord. Most landlords want the tenant’s income to cover at least three times the rent. If you can prove that, you’re on the right track to getting an apartment.

4. Show money to owner – Step 2

If you have other regular income, savings or investments, bring documentation to prove this. When you know you have money behind you, the scales often tip in your favor.

If you lose your job or have a bad month, the landlord knows you can pay with other means.

5. Payment of higher security deposit to owner

Landlords require a security deposit to make sure they get your money back if you cause damage or don’t pay the rent when you move out. If you offer a higher security deposit, it is an additional guarantee for the landlord.

If you choose this strategy, you must :

  • Make sure your agreement defines exactly what you want it to be. If you z. B. you pay two extra months rent as a deposit, you can ask to use this amount as rent for the last two months of your rental period.
  • Make sure you can make a down payment. Would you have too little savings to cope with an emergency?

If you borrow money from family or friends to make a deposit, remember that you have to pay it back. Consider your financial options before making a larger down payment, and don’t let others down. Below is a list of the maximum security deposits that landlords can accept.

6. Express Moving Offer

Vacant properties cost owners a lot of money. Every week their apartment sits empty is a week of lost rental income. Maybe they have a mortgage to pay. Then there are utility bills and property taxes.

An offer to move immediately may sway the decision in your favor. Especially if the apartment has been empty and unused for a long time.

7. Short term rental

You can offer a shorter rental period than the usual 12 months. You could call it a test to help the landlord build trust with you as a tenant.

With shorter leases of three or six months, the owner takes less risk. You have the chance to prove that you are a good tenant who pays attention to the apartment and never misses a rent payment. When the lease expires, the landlord is more likely to renew it.

Another option is to apply for a month-to-month lease. This is a more flexible option for you and the landlord, although they may charge you more rent as you may be able to move at short notice.

8. Remember recommendation

The landlord will probably ask for references from your employer and, if you have rented an apartment before, from your previous landlord. If you are a student, ask for references from teachers, faculty and administrators at the university.

If possible, ask for written references that you can bring with you when you meet with your landlord. This can help the landlord decide more quickly whether to let you live there.

9. Leases with an independent lessor

Property managers and condominiums likely have strict rules about who they rent to. Independent owners are more flexible. Your lack of credit history will likely go unnoticed if you use some of the strategies described above.

Why do you have no credit history?

Credit history is an overview of your financial life. This includes:

  • All the debts and loans you had
  • The amounts you have borrowed
  • Your repayment details
  • The number of credits you have and that you have already used.
  • Your current obligations

Your credit history also includes information such as. B., whether you were insolvent, whether there are any liens or judgments against you, what credit cards you have, etc.

If you have never had a loan, credit card or any other form of borrowing, you have no credit history.

Why landlords are reluctant to let to tenants with no credit history

Credit bureaus review your credit history and current financial situation. If you are behind on credit payments or have not paid off a loan, your score will drop. The lower your credit rating, the higher the risk.

As a general rule, landlords prefer tenants with an above-average credit rating. According to Experian, the average FICO (Fair Isaac Corporation) credit score in the United States is 703, on a scale of 300 to 850.

If you have no credit history, you have no credit score. The landlords have no idea how to judge you, since you are not in the habit of paying your debts on time. For many homeowners, a lack of credit history is a problem.

Be positive to understand how to get an apartment with no credit history

You can overcome a landlord’s negativity by thinking positively about your lack of credit history. You’re not alone either. According to a study by the Consumer Financial Protection Bureau, 50 million American adults had no credit history in 2015, and 26 million had none at all.

The fact that you are in the same boat as millions of other people should give you some comfort. Why are so many people able to rent an apartment with no credit history? What’s his secret?

Part of their success is turning what the owners see as a negative into a positive. So can you. Say you have no credit history because you’ve never had credit. They never had any debts and they don’t have any now. You can use your income or other earnings as you see fit – including paying your rent on time each month.

Get the apartment of your dreams!

Don’t be discouraged if your landlord turns down your request. What do they know? They know you’ll be a good, reliable tenant. There are more and more apartments for rent.

Whatever the reason you have no credit history, don’t let that stop you. Now you know how to get an apartment with no credit history, and you’re ready to get the apartment of your dreams.

To overcome negative bias from landlords, stay positive and use one or more of the above strategies to allay landlords’ fears of renting to a tenant with no credit history. Soon you will be entering your own home – and that is a great feeling.{“@context”:”https://schema.org”,”@type”:”FAQPage”,”mainEntity”:[{“@type”:”Question”,”name”:”Can you get an apartment without credit history?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:” No, you cannot get an apartment without credit history.”}},{“@type”:”Question”,”name”:”How can I get a apartment with bad credit and no cosigner?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:” A bad credit score does not automatically disqualify you from getting a loan. There are many lenders that will still give you a loan with a bad credit score. You can find a lender that will give you a loan with a bad credit score by doing a search online.”}},{“@type”:”Question”,”name”:”How can I get an apartment with no money?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:” You can’t.”}}]}

Frequently Asked Questions

Can you get an apartment without credit history?

No, you cannot get an apartment without credit history.

How can I get a apartment with bad credit and no cosigner?

A bad credit score does not automatically disqualify you from getting a loan. There are many lenders that will still give you a loan with a bad credit score. You can find a lender that will give you a loan with a bad credit score by doing a search online.

How can I get an apartment with no money?

You can’t.

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